‘Supermarket’ style websites have dominated the online UK FS market for some years with their price comparison approach to product promotion amongst the commoditised product arenas; life assurance / household insurance / motor insurances.
In these areas the brand impact has been significant whilst Advised / Limited Advice against more sophisticated products has remained the territory of the Intermediary, Banking community and Discretionary Fund Management sectors. Risk management and regulatory compliance for these product sets has remained the challenge.
Significant landscape changes resulting from the Retail Distribution Review will drive consumers towards a more self-serve / self-empowered model as a result of the pressure on the cost of delivery and margins associated with advised financial product sales.
However, the more complex nature of the subject matter inherently carries risk and the need for a fuller ‘fact finding’, ‘needs analysis’ and audit trail exercise. The application of a consistent and reliable knowledge / expertise base against a disclosed set of circumstances / facts is now imperative in order to reach appropriate conclusions and associated recommendations.
An audit trail and minimised risk for distributors and marketers alike sits at amongst the top priorities in order to unlock the potential rewards. The client engagement and retention conundrum, compel the distributor to engage with their community or risk losing the income associated with the ‘back book’ of policies.
Creation of a regulatory audit trail makes this a challenging ambition particularly for those needing to deal with a Multi distribution channel strategy; Advised / Direct / Internet / Call Centre / Mobile / Face to Face.
These challenges also apply to advised or guided sales agents in contact centres where it is preferable to employ lower cost resource underpinned by product experts as opposed to mobilising costly Face to face, suitably qualified and experienced resource.
Removing the ‘disconnect’ between these different delivery channels is where XpertRule comes in, providing multi-channel, consistent , risk managed accountability.